Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Reconciliation of Income Tax

A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit for 2019, 2018 and 2017, is as follows (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

U.S. statutory rate

 

$

10,393

 

 

 

21.0

%

 

$

4,159

 

 

 

21.0

%

 

$

24,136

 

 

 

35.0

%

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permanent differences

 

 

(85

)

 

 

(0.2

)%

 

 

(206

)

 

 

(1.0

)%

 

 

(330

)

 

 

0.5

%

State income taxes

 

 

173

 

 

 

0.4

%

 

 

(571

)

 

 

(2.9

)%

 

 

366

 

 

 

(0.5

)%

Other

 

 

(13

)

 

 

 

 

 

374

 

 

 

1.9

%

 

 

(118

)

 

 

0.2

%

Discrete items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of common stock

 

 

13

 

 

 

 

 

 

(19

)

 

 

(0.1

)%

 

 

(253

)

 

 

0.4

%

Change in valuation allowance

 

 

(10,385

)

 

 

(21.0

)%

 

 

(4,308

)

 

 

(21.7

)%

 

 

392

 

 

 

(0.5

)%

Income tax (expense) benefit

 

$

96

 

 

 

0.2

%

 

$

(571

)

 

 

(2.8

)%

 

$

24,193

 

 

 

35.1

%

Components of Income Tax Expense

Income Tax (Expense) Benefit - Significant components of our income tax (expense) benefit for 2019, 2018 and 2017, were as follows (in thousands):

 

 

 

2019

 

 

2018

 

 

2017

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

State

 

 

86

 

 

 

(317

)

 

 

(83

)

Total current

 

 

86

 

 

 

(317

)

 

 

(83

)

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

10,308

 

 

 

3,410

 

 

 

24,219

 

State

 

 

87

 

 

 

644

 

 

 

449

 

Valuation allowance

 

 

(10,385

)

 

 

(4,308

)

 

 

(392

)

Total deferred

 

 

10

 

 

 

(254

)

 

 

24,276

 

Income tax (expense) benefit

 

$

96

 

 

$

(571

)

 

$

24,193

 

Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities at December 31, 2019 and 2018, were as follows (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Deferred tax assets

 

 

 

 

 

 

 

 

Impairments of intangible assets and inventory

 

$

644

 

 

$

1,217

 

Employee benefits

 

 

724

 

 

 

758

 

Accrued losses on uncompleted contracts

 

 

3,335

 

 

 

2,380

 

Stock based compensation expense

 

 

312

 

 

 

266

 

Allowance for doubtful accounts

 

 

11

 

 

 

84

 

Long-term incentive awards

 

 

-

 

 

 

150

 

Federal net operating losses

 

 

14,885

 

 

 

9,962

 

State net operating losses

 

 

1,678

 

 

 

1,155

 

R&D and other tax credits

 

 

806

 

 

 

-

 

Other

 

 

426

 

 

 

395

 

Total deferred tax assets

 

 

22,821

 

 

 

16,367

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Property, plant and equipment and AHFS

 

 

(7,523

)

 

 

(11,416

)

Prepaid insurance

 

 

(402

)

 

 

(450

)

Total deferred tax liabilities

 

 

(7,925

)

 

 

(11,866

)

Net deferred tax assets

 

 

14,896

 

 

 

4,501

 

Valuation allowance

 

 

(15,086

)

 

 

(4,701

)

Net deferred taxes (1)

 

$

(190

)

 

$

(200

)

 

 

(1)

Amounts are included in other noncurrent liabilities on our Balance Sheet.